Strategy to Understand your Competitor
Strategy to Understand your Competitor
* Do you know your competition?
* If not, do you want to know?
Problem:
Many entrepreneurs are clueless about what the competition is doing out there and fail to position themselves to deal with them.
Solution:
Know everything you can about what others are doing.
Principle 6-1: Knowing Your Competition Is a Key to Business Success
The more you understand about the playing field in your industry, the more likely you will do well in your business. By knowing your competition, you will learn from their mistakes as well as mirror their successes… in your own way.
Contrary to popular opinion, having competition is a good thing! Starting a new type of company, or launching a new product or service that has never been done before sounds really exciting but is nothing but a huge headache.
If you do have a “first of its kind” product or service (I launched two so far in my life), be wary of this: if you don’t go bankrupt trying to shift people’s mindsets, you might go insane. In order avoid either, look for ways to piggyback off existing industries and/or products/services that will ease the transition into your “new” product, service or concept.
Example:
Most of us know of WalMart, yet not too many know of the story behind it. Sam Walton created it back in the 1950’s when discounting in retail was not common at all.
In fact, the biggest company at that time was K-Mart. Walton made it his passion to know everything possible about K-Mart. In fact, he knew more about K-Mart than K-Mart knew about K-Mart.
And by the time K-Mart had even heard of WalMart, Walton had over 100 stores. By that time, in the 1960s, it was too late for K-Mart to keep up.
Yes, competition is good.
Question #1: What are the two types of competition?
Answer #1:
* Primary competition—businesses that directly compete with your products and services (i.e.: WalMart and K-Mart)
* Secondary competition—businesses that are not directly competing but there is some overlap (i.e. WalMart and a lighting store)
Question #2: Why should you learn to love your competition?
Answer #2
* You don't need to reinvent the wheel
* Learn from your competition’s mistakes
* Tap into your competition’s already existing market share
Question #3: "What if I have no competition?"
Answer #3:
Your market is too narrow. Open your product/service to wider market.
Affirmation #4 will be the result of knowing and beating your competition. Repeat it 10+ times:
I have an abundance of wealth coming through my company!
Action Steps for the Day 1 ½ - 2 hrs.
Exercise 6-1: Who Are Your Primary Competitors?
Who are your top competitors?
Where would your customers go if they either didn’t know about you or you didn’t exist? List at least three.
Next: How are you better and/or different? If you are the same, how can you explain it differently?
Strategy to Understand your Competitor - To learn more about this author, visit Stefan Doering's Website.
Like this article? Share it with your friends
Who are You playing against:
* Do you know your competition?
* If not, do you want to know?
Problem:
Many entrepreneurs are clueless about what the competition is doing out there and fail to position themselves to deal with them.
Solution:
Know everything you can about what others are doing.
Principle 6-1: Knowing Your Competition Is a Key to Business Success
The more you understand about the playing field in your industry, the more likely you will do well in your business. By knowing your competition, you will learn from their mistakes as well as mirror their successes… in your own way.
Contrary to popular opinion, having competition is a good thing! Starting a new type of company, or launching a new product or service that has never been done before sounds really exciting but is nothing but a huge headache.
If you do have a “first of its kind” product or service (I launched two so far in my life), be wary of this: if you don’t go bankrupt trying to shift people’s mindsets, you might go insane. In order avoid either, look for ways to piggyback off existing industries and/or products/services that will ease the transition into your “new” product, service or concept.
Example:
Most of us know of WalMart, yet not too many know of the story behind it. Sam Walton created it back in the 1950’s when discounting in retail was not common at all.
In fact, the biggest company at that time was K-Mart. Walton made it his passion to know everything possible about K-Mart. In fact, he knew more about K-Mart than K-Mart knew about K-Mart.
And by the time K-Mart had even heard of WalMart, Walton had over 100 stores. By that time, in the 1960s, it was too late for K-Mart to keep up.
Yes, competition is good.
Question #1: What are the two types of competition?
Answer #1:
* Primary competition—businesses that directly compete with your products and services (i.e.: WalMart and K-Mart)
* Secondary competition—businesses that are not directly competing but there is some overlap (i.e. WalMart and a lighting store)
Question #2: Why should you learn to love your competition?
Answer #2
* You don't need to reinvent the wheel
* Learn from your competition’s mistakes
* Tap into your competition’s already existing market share
Question #3: "What if I have no competition?"
Answer #3:
Your market is too narrow. Open your product/service to wider market.
Affirmation #4 will be the result of knowing and beating your competition. Repeat it 10+ times:
I have an abundance of wealth coming through my company!
Action Steps for the Day 1 ½ - 2 hrs.
Exercise 6-1: Who Are Your Primary Competitors?
Who are your top competitors?
Where would your customers go if they either didn’t know about you or you didn’t exist? List at least three.
Next: How are you better and/or different? If you are the same, how can you explain it differently?
Strategy to Understand your Competitor - To learn more about this author, visit Stefan Doering's Website.
Like this article? Share it with your friends
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
|||
Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
|||
George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 | |
|  |
Subscribe to Stefan's articles
 | |
|
|  |
 | |
|
| |
 | |||||||
|
 | ||
|
||
 |
||
 |
||
|
| ||
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
|
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
|
 Ezine Choices Great Sales Fallacies Buying 2.0 Your Annualized Bus Dev Plan Take the Lead |
|
 | ||
 |
Top 50 Business Plans
Top Business Plan Blogs | |
 |
The Top 10 Guy Kawasaki Posts
Best Posts for Entrepreneurs | |
| ||
 | ||||
| ||||
|
| ||||
| ||||
|
|
|
|
|
||||||||||||
|
Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
|
|
|
| ||||||||||||
| ||||||||||||
|
|
||||||||||||